Should I take this offer?
I received a letter from Capital Management Services on behalf of Arrow Financial Services who is collecting on a charged-off First Premier Card. They are offering to take $93.00 on a $620.00 debt to settle the account.
A paid collection isn't great, but I need to know how to approach this as I also sent a DV to them which was received on 2/17/11
Thanks for any help!
ARROW FINANCIAL SERVICES L
5996 W Touhy Ave
Account Number: PREMIER B-XXXX
Current Status: COLLECTION ACCOUNT
Account Owner: Individual Account.
High Credit: $446
Type of Account : Open Credit Limit:
Term Duration: Terms Frequency:
Date Opened: 01/2009 Balance: $620
Date Reported: 04/2009 Amount Past Due: $620
Date of Last Payment: Actual Payment Amount:
Scheduled Payment Amount: Date of Last Activity: N/A
Date Major Delinquency First Reported: 04/2009 Months Reviewed: N/A
Creditor Classification: Activity Description: N/A
Charge Off Amount: Deferred Payment Start Date:
Balloon Payment Amount: Balloon Payment Date:
Date Closed: Type of Loan: Factoring Company Account (debt buyer)
Date of First Delinquency: 06/2006
Comments: Collection account